In Q1 2026, the cycle of public companies using equity premiums to purchase Bitcoin has ended, with approximately 40% of Bitcoin-holding companies now trading below their net asset value. Critics like VanEck's Jan van Eck argue that the industry is merely a hype-driven trend, while analyst Herb Greenberg has characterized the prominent company Strategy as a "quasi-Ponzi scheme." The market now distinguishes between two models: a "promoter" model that relies on hype and dilution of value, and an "asset manager" model that actively generates Bitcoin returns through strategies such as basis trading and options. As the era of value dilution comes to an end, most companies must transition from passive holding to active, disciplined asset management to achieve sustainable growth.